Financial Performance - The company's operating revenue for Q1 2020 was ¥639,139,343.51, a decrease of 37.23% compared to ¥1,018,276,868.64 in the same period last year[9] - The net profit attributable to shareholders was -¥753,545.83, representing a decline of 100.99% from ¥76,223,189.70 in the previous year[9] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,994,831.89, down 97.34% from ¥75,097,190.00 year-on-year[9] - The basic earnings per share for the reporting period was -¥0.0008, a decline of 100.96% from ¥0.0832 in the same period last year[9] - The diluted earnings per share also stood at -¥0.0008, reflecting the same percentage decline as the basic earnings per share[9] - The total comprehensive income for the period was a loss of ¥3,020,736.62, compared to a profit of ¥73,399,427.54 in the same period last year[38] Cash Flow and Liquidity - The net cash flow from operating activities was -¥384,426,833.38, worsening by 90.00% compared to -¥202,816,927.13 in the same period last year[9] - Cash and cash equivalents decreased by 30.06% to ¥787.20 million due to reduced collections impacted by the pandemic[17] - The company reported a cash and cash equivalents balance of ¥684,434,596.91 at the end of the period, down from ¥751,415,165.94 at the end of the previous year[45] - The net cash flow from operating activities was -136,326,491.31 CNY, a decrease from -96,549,970.75 CNY in the previous period, indicating a worsening cash flow situation[47] - The total cash inflow from financing activities was 70,807,657.50 CNY, compared to 52,300,540.00 CNY in the previous period, reflecting a 35.4% increase[48] Assets and Liabilities - The total assets at the end of the reporting period were ¥6,429,623,649.71, a decrease of 3.35% from ¥6,652,746,391.78 at the end of the previous year[9] - Total liabilities as of March 31, 2020, were CNY 539,005,858.29, down from CNY 707,919,193.57 at the end of 2019[34] - The total assets amounted to 6,652,746,391.78 CNY, remaining stable compared to the previous period[51] - The total liabilities were 1,263,508,501.84 CNY, unchanged from the previous period[51] Operating Expenses - Operating costs decreased by 34.40% to ¥562.22 million, aligning with the drop in revenue[17] - The company reported a significant increase in operating expenses, with non-operating expenses rising by 469.87% to ¥7.42 million due to pandemic-related donations[17] - Total operating costs for Q1 2020 were CNY 643,547,334.60, down 31.7% from CNY 942,511,084.57 in the same period last year[37] Research and Development - Research and development expenses increased by 38.21% to ¥15.45 million, indicating a focus on innovation[17] - Research and development expenses for Q1 2020 were CNY 15,448,306.89, an increase from CNY 11,177,277.60 in Q1 2019[37] Other Income and Receivables - Other income surged by 2352.12% to ¥5.07 million, driven by increased government subsidies and tax incentives[17] - Other receivables rose by 30.16% to ¥369.55 million, attributed to increased deposits and loans[17] Management and Reporting - The company has not reported any new product launches or significant market expansion strategies during this period[48] - The company has not audited its first-quarter report[55] - The report was presented by Chairman Wang Xin on April 29, 2020[56]

Financial Performance - Net profit attributable to shareholders rose by 13.38% to CNY 96,514,538.17 for the reporting period[10] - Operating revenue for the period reached CNY 1,509,054,990.21, reflecting a growth of 29.51% year-on-year[10] - Basic earnings per share increased by 13.35% to CNY 0.1053[10] - The weighted average return on equity was 1.83%, up by 0.10% compared to the previous year[10] - The net profit for Q3 2019 was CNY 93,934,437.23, compared to CNY 83,012,996.80 in Q3 2018, reflecting an increase of about 13.5%[40] - The total profit for Q3 2019 was CNY 106,880,601.02, compared to CNY 99,627,462.92 in Q3 2018, marking an increase of around 7.5%[40] - The company's operating profit for Q3 2019 was CNY 105,105,250.06, compared to CNY 99,421,299.32 in the same quarter last year, showing an increase of approximately 5.7%[40] - The total profit for Q3 2019 was CNY 257,323,291.61, slightly down from CNY 265,870,546.36 in the same quarter last year, reflecting a decrease of about 3.5%[47] Assets and Liabilities - Total assets increased by 5.05% to CNY 7,090,778,707.86 compared to the end of the previous year[10] - Accounts receivable increased by 74.70% to ¥939,589,937.76 due to higher asphalt sales and delayed contract settlements[18] - Other receivables rose by 40.58% to ¥339,047,659.41 primarily from increased guarantee deposits paid by Shenzhen Yunfang[18] - Intangible assets increased by 38.31% to ¥267,074,047.74 due to capitalized software and data purchases from Shenzhen Yunfang[18] - The total liabilities increased to CNY 1,658,421,230.94 from CNY 1,517,028,678.11, reflecting a rise of 9.3%[31] - The company reported a total equity of CNY 5,432,357,476.92, an increase from CNY 5,232,936,083.05 year-over-year[31] - The company's total assets as of September 30, 2019, amounted to CNY 5,700,208,914.64, up from CNY 5,520,285,418.72 at the end of 2018[34] - The company's total assets at the end of Q3 2019 were not specified, but the financial data indicates a strong operational performance[49] Cash Flow - The net cash flow from operating activities decreased by 44.97% to -CNY 15,707,896.46[10] - Cash flow from operating activities improved by 225.28% to ¥61,906,356.04 as cash inflows exceeded outflows[18] - The cash inflow from operating activities for Q3 2019 was CNY 3,638,777,588.13, an increase of 15.4% compared to CNY 3,152,404,991.53 in Q3 2018[54] - The net cash flow from operating activities was CNY 61,906,356.04, a significant improvement from a net outflow of CNY 49,412,526.55 in the same period last year[54] - The company reported a total cash outflow of CNY 3,576,871,232.09 from operating activities, compared to CNY 3,201,817,518.08 in the previous year[54] - The total cash outflow from investment activities was CNY 1,744,744,706.25, significantly higher than CNY 740,810,281.87 in Q3 2018[55] Shareholder Information - The company reported a total of 28,805 shareholders at the end of the reporting period[14] - The largest shareholder, Guochuang High-tech Industrial Group Co., Ltd., holds 36.89% of the shares[14] Research and Development - R&D expenses grew by 53.97% to ¥61,194,855.38 reflecting increased investment in research and development by Shenzhen Yunfang[18] - Research and development expenses for the quarter were CNY 34,174,265.86, up from CNY 12,984,193.47, reflecting a focus on innovation[38] - Research and development expenses for Q3 2019 amounted to CNY 61,194,855.38, which is a 54% increase compared to CNY 39,744,071.74 in Q3 2018[47] Government Support - The company received government subsidies amounting to CNY 8,623,408.48 during the reporting period[11] Strategic Developments - There were no significant changes in the company's strategy or major acquisitions reported during the quarter[17] - The company plans to continue expanding its market presence and investing in new technologies and products to drive future growth[49]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥2,191,709,019.22, representing a 6.52% increase compared to ¥2,057,591,381.62 in the same period last year[20]. - The net profit attributable to shareholders was ¥138,752,678.28, a 2.29% increase from ¥135,652,643.02 in the previous year[20]. - The basic earnings per share increased to ¥0.1514, up 2.30% from ¥0.1480 in the previous year[20]. - The company achieved total revenue of ¥2,196,516,943.76, representing a year-on-year increase of 6.13%[39]. - The company reported a decrease of 0.85% in net profit after deducting non-recurring gains and losses, totaling ¥134,318,586.73 compared to ¥135,470,833.16 last year[20]. - The company reported a total revenue of 3,456 million in the first half of 2019, representing a 100% increase compared to the same period last year[91]. - The company reported a total of 190 million in revenue from financial services, with a gross margin of 0.32%[92]. - The total operating revenue for the reporting period was RMB 2,191,709,019.22, representing a year-on-year increase of 6.52% compared to RMB 2,057,591,381.62 in the same period last year[44]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to ¥77,614,252.50, compared to a negative cash flow of ¥38,577,440.99 in the same period last year, marking a 301.19% increase[20]. - The company reported a net cash flow from investment activities of -RMB 179,967,875.73, which is a decrease of 116.98% compared to -RMB 82,943,035.80 in the previous period[42]. - The net cash flow from financing activities was -RMB 113,982,471.79, reflecting a significant decrease of 281.70% from -RMB 29,861,483.29 in the same period last year[42]. - The cash and cash equivalents decreased by 42.91% to -RMB 216,336,095.02 from -RMB 151,381,960.08 year-on-year[42]. - The total cash outflow from investing activities was CNY 1,214,260,126.03, compared to CNY 451,177,928.82 in the previous year, showing a significant increase of about 169%[150]. - The company received 160,000,000.00 CNY in cash from borrowings, a decrease of 15.8% from 190,000,000.00 CNY in the prior period[154]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,680,341,350.34, a decrease of 1.03% from ¥6,749,964,761.16 at the end of the previous year[20]. - The company's total liabilities decreased to CNY 652,365,789.11 in the first half of 2019 from CNY 822,306,995.82 in the previous year[138]. - The total liabilities at the end of the reporting period were 1,576.43 million yuan, which is crucial for assessing the company's leverage[166]. - Current assets totaled ¥2,299,238,788.38, down from ¥2,416,744,611.90, indicating a decrease of about 4.86%[131]. - Total liabilities decreased to ¥1,341,918,310.65 from ¥1,517,028,678.11, a reduction of about 11.53%[133]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[7]. - The total number of ordinary shareholders at the end of the reporting period is 29,801[115]. - The largest shareholder, Guochuang High-Tech Industry Group Co., Ltd., holds 36.89% of the shares, totaling 338,037,105 shares[115]. - The total number of shares is 916,325,201, with 46.97% being restricted shares and 53.03% being unrestricted shares[113]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[117]. Operational Efficiency and Development - The company is focusing on the development of its data platform and electronic management systems to enhance operational efficiency in the real estate intermediary service sector[29]. - The company has successfully built a mature online platform for real estate services, enhancing transaction efficiency and customer experience[36]. - The company is leveraging the synergy between new and second-hand housing sales to improve overall business performance[36]. - Research and development investment was ¥27,020,589.52, showing a slight increase of 0.97% compared to the previous year[41]. - The company is focusing on enhancing raw material reserves during off-peak seasons to mitigate price volatility risks[75]. Risk Management - The company faced various risks and has outlined strategies to mitigate these risks in the report[6]. - The company faces diversification risks due to its involvement in both asphalt and real estate intermediary services, which have different market dynamics[72]. - The company is exposed to risks from changes in industry policies, particularly in the real estate sector, which could impact its operations[73]. - Fluctuations in raw material prices, particularly asphalt, pose risks; the company will monitor international oil prices and strengthen strategic partnerships to ensure stable supply channels[75]. - The company emphasizes efficient management of accounts receivable, particularly from major clients in highway and municipal engineering, to mitigate sales collection risks[77]. Compliance and Governance - The financial report for the half-year period has not been audited[128]. - The company maintains a good integrity status for itself and its controlling shareholders during the reporting period[88]. - There were no significant litigation or arbitration matters during the reporting period[86]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[89]. - The company assessed its ability to continue as a going concern for the next 12 months and found no issues affecting this capability[180].

Financial Performance - The company's operating revenue for Q1 2019 was ¥1,015,810,076.18, representing a slight increase of 0.08% compared to ¥1,015,033,028.69 in the same period last year[9]. - Net profit attributable to shareholders was ¥76,223,189.70, up by 0.62% from ¥75,755,284.62 year-on-year[9]. - The net profit after deducting non-recurring gains and losses decreased by 0.91% to ¥75,097,190.00 from ¥75,783,684.13 in the previous year[9]. - Basic and diluted earnings per share were both ¥0.0832, reflecting a 0.60% increase from ¥0.0827[9]. - The total profit for Q1 2019 was CNY 77,173,084.71, down from CNY 79,311,280.26 in Q1 2018, a decline of about 2.7%[39]. - The total comprehensive income for Q1 2019 was CNY 73,399,427.54, down from CNY 76,390,479.38 in Q1 2018, a decrease of approximately 3.9%[43]. Cash Flow - The net cash flow from operating activities was negative at -¥202,816,927.13, worsening by 176.64% compared to -¥73,315,286.57 in the same period last year[9]. - The company reported a net cash outflow from operating activities of CNY -202,816,927.13, worsening from CNY -73,315,286.57 in the same quarter last year[46]. - Net cash flow from investing activities improved by 43.71% to -¥20,388,449.46 as cash payments decreased[17]. - The cash inflow from operating activities totaled CNY 1,097,284,363.84, down from CNY 1,344,234,035.68 in the same quarter last year[46]. - The company’s cash flow from financing activities net amount was 35,805,513.73 yuan, a decrease from 123,171,883.88 yuan in the previous period, reflecting reduced financing activities[47]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,424,819,854.61, down by 4.82% from ¥6,749,964,761.16 at the end of the previous year[9]. - The company's total assets as of March 31, 2019, were CNY 5,299,984,128.38, down from CNY 5,520,285,418.72 at the end of 2018[35]. - Total current liabilities were approximately ¥822.31 million, indicating a significant portion of the company's financial obligations[57]. - The total liabilities of the company stood at 1,517,028,678.11 yuan, with total equity amounting to 5,232,936,083.05 yuan, indicating a strong equity position relative to liabilities[54]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,441[13]. - The largest shareholder, Guochuang High-tech Industrial Group Co., Ltd., held 36.89% of the shares, amounting to 338,037,105 shares[13]. Research and Development - Research and development expenses increased by 56.42% to ¥11,177,277.60 reflecting increased investment in R&D[17]. - Research and development expenses increased to CNY 11,177,277.60 from CNY 7,145,574.39, marking a rise of about 56.5%[37]. Other Financial Metrics - The company reported non-recurring gains of ¥1,125,999.70 during the period, primarily from investment management and government subsidies[10]. - The company incurred a financial expense of CNY 4,341,339.12, which increased from CNY 3,883,135.24 in the previous year[41]. - The company recorded a significant increase in other income, amounting to CNY 755,068.84, compared to CNY 438,536.69 in the previous year[39]. Inventory and Receivables - Accounts receivable rose to CNY 247,435,892.41 from CNY 189,270,453.60, representing an increase of approximately 30.6%[34]. - The company reported a decrease in inventory from CNY 36,651,495.61 to CNY 48,103,646.44, indicating a change in inventory management strategy[34]. Financial Reporting and Standards - The company has not yet audited its first-quarter report, which may affect the reliability of the financial data presented[59]. - The company implemented new financial instrument accounting standards starting January 1, 2019, which may impact future financial reporting[58]. Leadership - The company’s chairman is Gao Qingshou, indicating leadership continuity[60].

Financial Performance - The company's operating revenue for 2018 was CNY 4,551,644,886, representing a 78.39% increase compared to CNY 2,551,463,712 in 2017[19]. - The net profit attributable to shareholders for 2018 was CNY 312,100,956.37, a significant increase of 627.24% from CNY 43,185,386.73 in 2017[19]. - The net profit after deducting non-recurring gains and losses reached CNY 297,921,401.00, marking an 862.19% increase from CNY 31,232,674.89 in the previous year[19]. - The basic earnings per share for 2018 was CNY 0.34, up 325.00% from CNY 0.08 in 2017[20]. - The total assets at the end of 2018 amounted to CNY 6,749,964,761, reflecting a 1.99% increase from CNY 6,610,105,015 at the end of 2017[20]. - The net assets attributable to shareholders increased to CNY 5,100,942,580, a growth of 6.36% from CNY 4,789,109,610 in 2017[20]. - The company's total revenue for Q4 2018 reached ¥1,328,809,123.04, marking a significant increase compared to previous quarters[24]. - The net profit attributable to shareholders for Q4 2018 was ¥91,324,647.76, showing a growth from ¥85,123,665.59 in Q3 2018[24]. - The net cash flow from operating activities in Q4 2018 was positive at ¥266,633,761.61, a substantial recovery from the negative cash flow in Q1 and Q3[24]. Business Segments - The asphalt business remains the core focus, with a strategy to enhance customer structure and accelerate nationwide marketing network development[29]. - The real estate intermediary service business is expanding, with a focus on key cities like Shenzhen, Shanghai, and Guangzhou, aiming for rapid growth[32]. - The asphalt products segment generated revenue of CNY 926,693,059.78, accounting for 20.36% of total revenue, but saw a decline of 16.18% year-on-year[48]. - The real estate intermediary service segment has expanded to nearly 1,500 stores across 12 cities, with over 20,000 cooperating agents, establishing a strong market presence[40]. - Real estate service revenue reached CNY 3,624,951,826.72, accounting for 79.64% of total revenue, with a year-on-year increase of 16.18%[50]. Research and Development - R&D expenses increased by 224.40% to ¥75,859,263.68, mainly due to increased salaries and technical service fees for R&D personnel[63]. - The number of R&D personnel decreased by 17.34% to 143, while R&D investment increased by 62.55% to ¥75,859,263.68[70]. - The company has completed significant R&D projects, including an upgraded agent platform and a smart transaction settlement system, enhancing user experience and operational efficiency[65][66]. - The environmental-friendly noise-reducing technology project has been completed, achieving a noise reduction of over 5 decibels[67]. - The company has developed a self-healing asphalt concrete design and has filed a patent for it, indicating a focus on innovative materials[68]. Cash Flow and Investments - The net cash flow from operating activities decreased by 15.80% to ¥217,221,235.06 compared to the previous year[73]. - The net cash flow from investing activities improved significantly by 91.46%, resulting in a net outflow of ¥105,611,717.14[73]. - The total amount of funds raised through the non-public offering was RMB 1,817,140,000, with a net amount received of RMB 1,793,140,000 after deducting underwriting fees of RMB 24,000,000[86]. - The company has made significant equity investments, including a ¥30,000,000.00 investment in a new rental and intermediary service company[83]. Strategic Plans and Market Position - The company aims to leverage its technological advantages to provide superior modified asphalt products, enhancing customer trust and brand loyalty[30]. - The company plans to enhance customer relationship management to achieve effective sales growth, focusing on large clients and consolidating smaller clients to improve inventory turnover and market share[115]. - The company is expanding its e-commerce operations to adapt to market changes, integrating online sales channels and enhancing data analysis capabilities for better marketing strategies[116]. - The company plans to strengthen market research and optimize its business layout in response to changing policies and market conditions, aiming for rapid expansion[118]. - The company intends to upgrade its platform by integrating databases and exploring new technologies in real estate big data to enhance operational efficiency[119]. Shareholder and Dividend Policies - The company has a cash dividend policy approved for the 2018-2020 period, focusing on shareholder returns[122]. - The company did not distribute cash dividends for the years 2017 and 2018, and the 2016 cash dividend was CNY 0.45 per share, totaling CNY 19,561,520.89, which represented 375% of the net profit attributable to shareholders[123][125]. - The company reported a net profit of CNY 312,100,956.37 for 2018, with no cash dividends proposed despite positive distributable profits[125]. - The company has maintained a clear and transparent decision-making process regarding its cash dividend policy adjustments[123]. Risk Management and Compliance - The company has faced risks as detailed in the report, which investors are advised to consider[5]. - The company is committed to long-term strategies to avoid conflicts of interest and ensure sustainable growth[1]. - The company has not encountered any significant issues regarding the use and disclosure of raised funds[89]. - The company has not faced any major lawsuits or arbitration matters during the reporting period[144]. Corporate Governance - The company has a diverse board with members holding various professional backgrounds, including engineering, finance, and management[191][192]. - The current board includes independent directors with extensive academic and professional experience in finance and management[193][194]. - The company does not provide remuneration to its board members from shareholder units, indicating a focus on corporate governance[196]. - The company has maintained a stable leadership team with no new appointments or departures reported[191].

Financial Performance - Net profit attributable to shareholders was ¥85,123,665.59, representing a significant increase of 113.64% year-on-year[9]. - Operating revenue for the period was ¥1,165,244,381.84, up 26.12% compared to the same period last year[9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥83,129,653.08, an increase of 163.77% year-on-year[9]. - The basic earnings per share for the period was ¥0.0929, reflecting a growth of 1.64% compared to the previous year[9]. - The company expects a net profit attributable to shareholders to range between ¥31,000,000 and ¥33,000,000, representing a growth of 617.84% to 664.15% compared to the previous year's net profit of ¥4,318,540[21]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥6,634,980,403.61, an increase of 0.38% compared to the end of the previous year[9]. - The company reported a 68.75% increase in inventory, totaling ¥273,431,052.82, compared to ¥162,035,742.81 at the beginning of the year[16]. - The company’s prepayments increased by 37.54% to ¥340,135,721.79, up from ¥247,306,724.18, due to increased material procurement[16]. Cash Flow - The company reported a net cash flow from operating activities of -¥10,835,085.56, a decline of 116.15% compared to the same period last year[9]. - The net cash flow from investment activities improved to ¥21,392,070.47, a turnaround from a negative cash flow of ¥1,636,613,887.64 in the previous year[16]. Operating Costs and Expenses - The operating cost rose to ¥2,688,789,830.24, reflecting a 173.17% increase from ¥984,289,578.81 in the previous year[16]. - Research and development expenses increased by 95.78% to ¥39,744,071.74, up from ¥20,300,161.52[16]. - The company’s management expenses rose by 104.74% to ¥177,102,633.26, compared to ¥86,500,110.78 in the previous year[16]. Shareholder Information - The total number of shareholders at the end of the reporting period was 24,961, with the largest shareholder holding 36.89% of the shares[12]. - The company has not engaged in any repurchase transactions during the reporting period[13]. - The company’s controlling shareholder completed a share buyback plan, acquiring 6,747,713 shares for a total of ¥50,128,790.62[18]. Government Support and Market Activity - The company received government subsidies amounting to ¥1,549,800.00 during the reporting period[10]. - The company decided to terminate its non-public offering of shares due to changes in the capital market environment[17].

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 2,057,591,381.62, representing an increase of 823.23% compared to CNY 222,868,686.56 in the same period last year[20]. - The net profit attributable to shareholders of the listed company reached CNY 135,652,643.02, a significant increase of 2,876.97% from a loss of CNY 4,884,919.50 in the previous year[20]. - The basic earnings per share for the reporting period was CNY 0.1480, compared to a loss of CNY 0.0113 per share in the same period last year, marking an increase of 1,409.73%[20]. - The total operating revenue for the first half of 2018 was CNY 2,069,587,325.01, compared to CNY 238,125,903.54 in the same period of the previous year, indicating significant growth[155]. - The net profit for the first half of 2018 reached CNY 139,774,359.95, a recovery from a net loss of CNY 2,750,867.55 in the previous year[155]. - The total comprehensive income for the current period was CNY 139,774,359.95, compared to a loss of CNY 2,750,867.55 in the previous period[156]. Cash Flow and Assets - The net cash flow from operating activities improved to -CNY 38,577,440.99, a 64.15% reduction in loss compared to -CNY 107,617,165.42 in the previous year[20]. - The total assets at the end of the reporting period were CNY 6,534,016,507.13, a decrease of 1.15% from CNY 6,610,105,015.87 at the end of the previous year[20]. - The company's cash and cash equivalents decreased from CNY 262,913,968.55 to CNY 109,217,116.98, reflecting a liquidity challenge[150]. - The total liabilities decreased from CNY 1,690,439,112.73 at the beginning of the year to CNY 1,474,576,244.04 by the end of the reporting period[148]. - The net cash flow from investing activities was -¥82,943,035.80, a drastic decline of 1,949.55% from a positive cash flow of ¥4,484,489.75 last year, due to investments in intangible assets and renovation costs[57]. Business Operations and Strategy - The company continues to focus on its main business and product lines without significant changes in its operational model or performance drivers during the reporting period[27]. - The company has shifted its customer structure from a heavy reliance on highways to a balanced model including individual customers and municipal projects, aiming to promote high-value-added products[29]. - The asphalt industry has entered a mature phase with increasing competition from both domestic and international players, leading to a fully competitive market[30]. - The company has established itself as a leading enterprise in the modified asphalt industry in China, recognized for its reliable quality and superior technical performance[30]. - The company plans to enhance its management team and integrate operations to mitigate risks associated with diversification in its asphalt and real estate businesses[87]. Real Estate and Market Presence - The real estate intermediary service business is experiencing rapid growth, with a focus on both new housing agency and housing brokerage services[32]. - The company holds a significant brand influence in the Pearl River Delta region, ranking among the top three in the industry[36]. - The company has established over 1,000 stores across 12 cities, with more than 20,000 brokerage partners, leading to a strong market presence in regions like Shenzhen and Zhuhai[43]. - The revenue from real estate intermediary services accounted for 82.02% of total revenue, amounting to ¥1,687,626,754.74, marking a new revenue stream for the company[59]. Investments and Funding - The company plans to raise up to ¥1,301,580,000 through a non-public stock issuance to enhance its marketing network and real estate internet trading platform[53]. - The total amount of raised funds is CNY 181,714 million, with CNY 6,536.52 million invested during the reporting period[72]. - The company has invested CNY 5,496.52 million (32.31% of the total) in the Shenzhen Yunfang big data operation platform construction project[76]. Management and Governance - The company maintains a stable and experienced management team, which is crucial for long-term development and competitive advantage[41]. - The company reported no changes in the controlling shareholder or actual controller during the reporting period[132]. - The financial report was approved on August 6, 2018, by the company's board of directors[190]. Risks and Challenges - The company expects a net profit attributable to shareholders for the first nine months of 2018 to be between CNY 21.5 million and CNY 23 million, representing a year-on-year increase of 514.99% to 557.89%[86]. - The company will monitor international crude oil prices closely to manage raw material costs effectively and maintain stable supply channels[92]. - Future outlook remains cautious due to the reported losses and the need for strategic adjustments in operations[175].

Financial Performance - The company's operating revenue for Q1 2018 reached ¥1,015,033,028.69, representing a significant increase of 1,124.24% compared to ¥82,911,350.45 in the same period last year[9] - Net profit attributable to shareholders was ¥75,755,284.62, a remarkable turnaround from a loss of ¥9,088,319.84 in the previous year, marking a growth of 933.55%[9] - The basic earnings per share increased to ¥0.0827 from a loss of ¥0.0209, reflecting a growth of 935.35%[9] - The company expects a net profit of ¥120,000 to ¥150,000 in the first half of 2018, a turnaround from a net loss of ¥4,884.9 in the same period last year[19] Cash Flow - The net cash flow from operating activities improved to -¥73,315,286.57, a 45.98% reduction in cash outflow compared to -¥135,709,904.13 in the previous year[9] - The net cash flow from operating activities improved by 45.98%, amounting to -¥73,315,286.57 compared to -¥135,709,904.13 in the previous period[16] - The net cash flow from investing activities saw a drastic decline of 2661.80%, amounting to -¥36,219,642.57, due to increased cash payments for fixed asset acquisitions[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,323,441,348.26, down 4.34% from ¥6,610,105,015.87 at the end of the previous year[9] - The net assets attributable to shareholders increased by 1.58% to ¥4,864,864,895.09 from ¥4,789,109,610.47 at the end of the previous year[9] - The company experienced a significant decrease in accounts payable by 95.21%, down to ¥11,600,000.00, due to the settlement of payable bills[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 25,197[12] - The largest shareholder, Guochuang High-tech Industrial Group Co., Ltd., held 36.89% of the shares, with 143,157,792 shares pledged[12] Operational Metrics - The operating cost rose to ¥873,185,093.66, reflecting an increase of 1043.15% from ¥76,383,898.44 in the previous period[16] - The increase in accounts receivable decreased by 48.59% to ¥20,397,869.99 due to the maturity of receivable bills[16] - Inventory levels increased by 55.12% to ¥251,349,369.59, attributed to increased procurement[16] - The company reported a 41.72% increase in interest receivables, totaling ¥15,041,284.27, due to increased loans from a subsidiary[16] - Management expenses surged by 373.23% to ¥58,066,527.66, primarily due to the consolidation of Shenzhen Yunfang's financials[16] Non-Recurring Items - The company reported non-recurring gains and losses totaling -¥28,399.51, with no significant non-recurring items affecting the financial results[10] Return on Equity - The weighted average return on equity improved to 1.57%, up 2.75% from -1.18% in the previous year[9]

Financial Performance - The company's operating revenue for 2017 was CNY 2,551,463,712.32, representing a 308.24% increase compared to CNY 624,994,261.92 in 2016[19] - The net profit attributable to shareholders for 2017 was CNY 43,185,386.73, a significant increase of 727.87% from CNY 5,216,431.83 in the previous year[19] - The net cash flow from operating activities reached CNY 259,423,378.06, marking an increase of 858.18% compared to CNY 27,074,700.47 in 2016[19] - The total assets at the end of 2017 amounted to CNY 6,610,105,015.87, a 339.13% increase from CNY 1,505,278,280.22 at the end of 2016[19] - The net assets attributable to shareholders increased to CNY 4,789,109,610.47, reflecting a growth of 515.57% from CNY 777,994,070.43 in 2016[19] - Basic earnings per share for 2017 were CNY 0.080, a 700.00% increase from CNY 0.010 in 2016[19] - In 2017, the company achieved a total operating revenue of CNY 2,573,420,733.39, representing a year-on-year increase of 291.21%[45] - The net profit attributable to shareholders reached CNY 43,185,386.73, marking a significant year-on-year growth of 727.87%[45] - The company’s total assets at the end of the reporting period were CNY 6,610,105,015.87, an increase of 339.13% compared to the beginning of the year[46] - The company’s equity attributable to shareholders increased by 515.57% to CNY 4,789,109,610.47[46] Business Strategy and Operations - The company has adjusted its main business to include the research, production, and sales of modified asphalt and real estate intermediary services due to a major asset restructuring[17] - The company completed a major asset restructuring by acquiring 100% of Shenzhen Yunfang Network Technology Co., Ltd., entering the real estate intermediary service sector[28] - The real estate intermediary service business is expected to become a key growth driver alongside the modified asphalt business, aiming to provide comprehensive O2O marketing solutions[28] - The asphalt business has shifted its focus from primarily highway projects to a more diversified customer base, including municipal and individual clients, to enhance profitability[29] - The company has established a strong market presence in key cities such as Shenzhen, Shanghai, and Guangzhou, while also expanding into second and third-tier cities[33] - The company completed a significant asset restructuring by acquiring 100% of Shenzhen Yunfang Network Technology Co., Ltd., driving a dual business model of modified asphalt and real estate services[45] - The company has developed a mature online platform for real estate transactions, enhancing operational efficiency and service quality[41] - The company has implemented a diversified development strategy, which has strengthened its overall capabilities in response to market challenges[100] Research and Development - R&D personnel increased to 173 from 24, a growth of 620.83%[72] - R&D investment rose to ¥46,668,995.24 from ¥9,662,138.24, an increase of 383.01%[72] - The company has focused on product innovation, achieving breakthroughs in environmentally friendly noise-reducing pavement technology and self-healing asphalt concrete, resulting in three invention patents granted[101] - The company has emphasized research and development, particularly in new products and technologies, to optimize existing product performance and reduce production costs[101] Market Trends and Competition - The modified asphalt industry is capital and technology-intensive, with increasing market competition and a shift towards internationalization[106] - The real estate intermediary service industry is fully competitive, with major competitors including online property information platforms and offline agency firms[109] - The demand for modified asphalt products is expected to grow due to infrastructure development and the need for maintenance of existing highways[110] - The real estate intermediary service sector will increasingly focus on rental and asset management services as the market shifts towards a rental-oriented model[112] Financial Management and Governance - The company has committed to avoid competition and related party transactions, ensuring compliance for the long term[135] - The company has made a commitment to lock shares for 36 months, ensuring stability in shareholding[134] - The company’s financial performance is subject to a detailed assessment of net profits attributable to ordinary shareholders, ensuring transparency in financial reporting[136] - The company has established a governance structure to protect shareholder rights, particularly for minority shareholders[173] - The company maintains transparency with investors through various communication channels, ensuring their rights are upheld[173] Future Outlook and Plans - The company plans to enhance its housing rental business and create a comprehensive residential consumption ecosystem to mitigate industry cyclicality and seasonal risks[116] - The company will focus on developing high-value-added asphalt products and expanding its market presence in municipal engineering[120] - In 2018, the company plans to accelerate product diversification and strengthen brand development for its asphalt products[121] - The company aims to strengthen its brand image and service quality through rigorous training for real estate agents, enhancing customer experience and brand recognition[125] - The company will implement a "new house - second-hand house - rental" model to create a sustainable housing consumption ecosystem, improving its market competitiveness[124] Shareholder and Stock Information - The largest shareholder, Guochuang High-Tech Industrial Group Co., Ltd., holds 36.15% of shares, totaling 331,289,392, with 143,157,792 shares under lock-up[195] - The second-largest shareholder, Shenzhen Daitian Investment Co., Ltd., holds 7.88% of shares, totaling 72,175,687, all of which are under lock-up[195] - The company has a total of 29,090 common stock shareholders at the end of the reporting period, an increase from 25,197[195] - The total number of restricted shares released during the reporting period amounts to 484,269,201[192] - The company’s stock structure has undergone significant changes due to major asset restructuring activities[194]

Financial Performance - Net profit attributable to shareholders increased by 365.00% to CNY 39,844,945.91 for the reporting period[8] - Operating revenue reached CNY 923,884,837.04, reflecting a growth of 294.70% year-on-year[8] - Basic earnings per share rose by 363.96% to CNY 0.0914[8] - The company reported a net profit of CNY 34,960,026.41 for the year-to-date, an increase of 1,028.64% compared to the same period last year[8] - The net profit attributable to shareholders for 2017 is expected to increase by 616.81% to 666.81%, with an estimated range of ¥3,739.17 to ¥4,000 million[22] - The company expects to maintain a positive net profit for 2017, which is not a turnaround situation[22] Asset and Shareholder Information - Total assets increased by 352.02% to CNY 6,804,205,194.66 compared to the end of the previous year[8] - The total number of shareholders at the end of the reporting period was 33,434[12] - The largest shareholder, Guochuang High-tech Industrial Group Co., Ltd., held 43.54% of the shares[12] Cash Flow and Financial Position - The net cash flow from operating activities was CNY 67,101,564.37, a decrease of 56.34% compared to the same period last year[8] - The company's cash and cash equivalents increased by 251.82% to ¥1,051,909,028.69 due to the receipt of raised funds and the consolidation of Shenzhen Yunfang[17] - The company's long-term deferred expenses surged by 84,714.98% to ¥80,453,967.29 due to the consolidation of Shenzhen Yunfang[17] - The company issued new shares, resulting in a 110.79% increase in paid-in capital to ¥916,325,201.00[18] - The company’s short-term borrowings increased by 268.90% to ¥538,600,000.00, reflecting additional borrowings and the consolidation of Shenzhen Yunfang[17] Consolidation and Inventory Changes - Accounts receivable rose by 47.21% to ¥474,274,852.32, attributed to the inclusion of Shenzhen Yunfang in the consolidated financial statements[17] - The company reported a significant increase in inventory by 318.06% to ¥247,708,067.61, driven by increased procurement and the consolidation of Shenzhen Yunfang[17] - The company's operating revenue reached ¥1,146,753,523.60, marking a 160.01% increase, primarily due to the consolidation of Shenzhen Yunfang[18] - The company completed a major asset restructuring on July 27, 2017, which included the acquisition of Shenzhen Yunfang[19] - The company engaged in a repurchase transaction involving 9,900,000 shares, accounting for 2.29% of total shares[14] Return on Equity - The weighted average return on equity was 5.36%, up from 4.25% at the end of the previous year[8]